tv Making Money With Charles Payne FOX Business March 26, 2019 2:00pm-3:00pm EDT
usually speaks to reporters, at least answers some questions. no doubt my buddy charles payne will take to you that in the next hour. i throw it to him. hey, charles. charles: neil, thank you very much. i appreciate it. good afternoon, everybody, i'm charles payne and this is "making money." markets holding on to gains despite the economic data. a lot of questions about the state of the current u.s. economy. we have analysis for you. president trump stepping up efforts on trade, meeting with capital hill with lawmakers trying to talk about the deal with mexico and canada. people between the china and united states a deal could a deal could be in place in beeks. something special going on. there. we'll to to the lighthouse. a move designed to get the democrat on the record, senator majority leader mitch mcconnell holding a vote this afternoon on the green new deal. wheel have that and much more on
"making money." ♪ charles: president trump is expected to leave capitol hill any moment now after meeting with republican lawmakers on a host of issues, trying to kick off the process rounding up votes to conclude the u.s. canada, mexico trade accord. blake burman is live. blake. reporter: president trump is still behind closed doors with senate republicans to talk about a host of issues as the trump administration has been making the case in recent days here now that is post-mueller, post-special counsel political environment that we are in, it is time the white house argues to move on to the issues. a couple of issues the president could be talking about with his republican friends in the senate, potentially health care, trade as well. when the president gets done with that lunch, he heads back over here to the white house, next hour in a separate meeting he will meet with lawmakers from the hill to talk about the usmca trade deal.
as you know that still needs approval from mixture of republicans and democrats, from the house and senate to get the deal across the finish line here in the united states. just yesterday the top trade representative, robert lighthizer was meeting with his counterpart christa friedland, who gave this warning in canada's involvement in the trade ratification. saying following, quote, in order to move ahead with that deal i think canadians feel the right thing is there should be no 232 tariffs, retaliatory tariffs between our two countries. that is what i expressed clearly to ambassador lighthizer, those 232 tariffs, steel and aluminum tariffs that canada wants off, off imposed from their country. something that probably is going to come up in this meeting here at the white house next hour. as it relates to health care, charles, there was a very big shift from the trump administration from the department of justice just yesterday as the doj announced that it believes the affordable care act should be repealed in
its entirety. the president was asked about this up on capitol hill as he went into the lunch meeting. he is embracing trying to remake health care. watch here. >> let me tell you exactly what my message is. the republican party will soon be known as the party of health care. you watch. reporter: charles, building up health care for the democrats and republicans then trying to repeal it has not necessarily been a winning political formula. it remains to be seen if that could be the case for the president and republicans potentially here as we all look towards 2020. charles: thank you very much, blake. we're indeed looking forward to 2020 and we're also looking ahead to potential china trade deal. we're two days away from -- robert lighthizer steve mnuchin sitting down in beijing, amid word a china deal would be or could be in place. joining me now, sorry about
that. author of the coming -- coming collapse of china, gordon chang. i will let you do the coughing while i try to get the cough out. you mentioned something before the start of the show that no one is talking about. >> yeah. you have steve begin, president trump's north korean envoy in beijing right now. he is talking to the chinese about a whole range of issues. in the past the chinese have dangled cooperation on north korea to get advantages on other things. now obviously that is trade. this can complicate things. it can maybe facilitate a tried deal. it also can retard one. the trump administration is skeptical about china's role. when you put the two things together could mean a trade deal is farther apart. people are not talking about this. charles: by same token could be a realistic approach to this. this has been part of the deal. president trump is mentioned more than one occasion, the media hasn't focused on it, perhaps this is key element no
one has been talking about? >> people say when you want to solve a problem you make it bigger. if you bring north korea into the trade discussion, you make it much larger. of course all of this can make things more difficult because we stand on the opposite side of china when it comes, not only to trade but also to north korea because the chinese are actually fueling the north korean ballistic missile program and their nuclear weapons program and obviously the trump administration doesn't like that. charles: let me ask you about, china now in addition to the more recent ol' live branches adding pork. i thought this was a huge story. it gets back to u.s. farmers. that the chinese may take in 300,000 metric tons of pork from the united states that would be 80% increase from 2017 and obviously a significant increase from last year. maybe because the pork supplies are lower, but are those kind of things, not intellectual property but it's a huge deal?
>> it's a huge deal especially in certain parts of the united states. by the way, charles, this is the year of the pig but the problem for china in the year of the pig they have african swine flu. it is spreading throughout china. they don't have an answer for it. they will have to import twice what they imported last year. the u.s. of course will benefit from that because we are one of their main suppliers of pork products. charles: throughout the process it was said china is looking for a few things. first, the midterm elections. maybe thinking trump was a little more vulnerable after those elections. more recently perhaps the mueller probe. that's over with. many thinking this now strengthened china's hand. what about now? lighthizer talking to the counterparts, the usmca deal, will china win a round to see if this is ratified by congress? >> i think china has its own clock on this, largely because their economy right now is really in trouble. they're looking at president trump and probably they didn't
like what happened over the weekend because you have the president of the united states being strengthened being exonerated by robert mueller and a guy named michael avenatti, who was arrested, he was one of the foes of trump being involved in stormy daniels. chinese say i don't like this at all because president trump has much stronger hand dealing with anybody else but also the chinese. charles: bottom line, i will get the market point of view on this you think perhaps we're closer to a real deal than we have been at anytime, perhaps? >> no, i don't think so. i think there are too many variables market isn't taking into account. north korea and internal chinese politics. the markets are not talking about either of these. charles: wee appreciate it. >> thanks, charles. charles: let's talk about it. the rally, all sectors have done well this year. even today, but the economic slowdown fears, they persist and well it hasn't helped even today you had two big economic data
releases that missed mark this morning. housing starts, consumer confidence they felt short of consensus. wall street though was expecting interest rates to be lower, but now are expecting interest rates to be lower. want to bring in bellpointe chief strategist david nelson and max funds.com founder jonas ferris. the let me start with you. housing start the missed the mark by a mile. consumer confidence down, not a biggie, because it wasn't down necessarily that much. but, where are we? how does the market interpret, you know, all these difficult shifting tide? >> you know we're basically at this tipping point of like, is this inverted yield curve a real inverted yield curve or like a fake news inverted yield curve which is kind of what goldman sachs says where this is not normal prerecession situation, rates are lower last year when the fed was raising rates which is another bizarre situation, now we're going into
expectations of rate dropping. so basically investors are saying is it a soft landing, kind of a soft recession? with the current fiscal stimulus in the form of tax cuts and spending, probably more federal reserve stimulus coming very soon, is that enough to get us out of what wasn't probably going to be a very bad recession anyway to be good for stocks? it could go that way. investors could go back into panic mode like last couple days we're going into recession largely i driven for rich weakness driving our economy. charles: david? >> i agree with jonas about foreign weakness. 40% of u.s. revenue resides overseas. by definition if europe is not doing well, china isn't doing well. it has to eventually translate to the top and bottom line. on the point about the yield curve it is out to 10 years. we were seeing that last career some of that was policy mistake but use inverted yield curve as
timing mechanism for stocks is insane. it could be this year or not at all. neil: charles: from your point 140 days almost two years. that is a pretty large swaths. the average has been 311 days. it could be even a year from now. is there comfort though from a market perspective in your mind knowing at least the fed is on your side. >> certainly. i think jay powell has been pragmatic here. they reversed course. i applaud that think he looked at the data, realized maybe they pushed the envelope maybe too far. they are on the side right now. i wish they would focus on things that really matter, like the balance seat. letting it sit to 4 trillion, bringing it down to 3 1/2 trillion. that will be seven times before where we were with the financial crisis so we're not out of the woods. charles: guys, david, i'm glad you're on right now, the reason the dow gave up. we were up almost 200 points. we have given up a lot of that as dow made nine-point reversal
to the downside. there is a bunch of news out there, the faa submitted their statement. they will be on capitol hill. there was an article in the new york types about this lion air crash and the desperate efforts in the pilots, shorter period of time, only 40 seconds to make adjustments. now boeing issuing a statement to fox news, i will read part of it, boeing invited 200 airline pilots, technical leaders and for informal information session. this is part of our ongoing effort for sharing details for supporting our plan of safe return of the 737 max to commercial service. david, you're a pilot. you've been questioning a lot of this from day one. >> i think we'll find when we look at this six months from now, there was institutional failure on a lot of levels. it wasn't just boeing, but faa this is indictment of international air travel. the ceo of ethiopian airlines just yesterday attacked boeing pretty hard. i would question, you know, why did they have have a copilot there with just 200 flight
hours? that is insane, that you're little more than a passenger like that. boeing, they're instituting at this point a software fix. i think they want to invite pilots out there. that is great news. charles: boeing has to do this to save face in your mind? they have to step up? >> more than saving face. it will come down to the type rating of this aircraft, why it was derivative of 737. charles: jonas, stock was up big, nicely at open. now it is down. makes you wonder back to the notion of trading in very narrow range seeking some sort of catalyst overall for the market. your thoughts on that? >> for the market or for boeing because they're sort of looking for interaction right now? charles: for both but you know, again -- hold on one second. president trump is walking out any moment. well, can we hear? >> and you will be reading about it probably tomorrow. thank you very much. [reporters shouting questions]
charles: all right. sorry about that jonas. short and sweet from president trump. start with boeing. broaden it out to the broader market because we are sort of range-bound. feels like the market is sort of grappling for something to propel us on the last leg, in fact to test maybe the all-time high? >> for the market, the market got a little too weak last year during the panic building from rates going too high. at this point the recovery went a little too far without signs that there will be earnings growth globally for those companies in the s&p, that will be strong enough to propel us to new highs. so it looks like we'll dodge recession or especially globally. a lot of profits from the companies we're investing are broad. hard to break out into new highs. we have low interest rate environment. stocks are cheap. the dividend yield is not far off from the 10-year. that will support the s&p unless there is real recession looks like we'll have serious earnings declines. does not look like that.
we're torn not good enough to get to records and cheap enough to going below the december lows we just had. charles: more or less, sort of sideways. you know what? considering how well this market has done so far, a lot of money managers wouldn't be too sad if we were up just 9%. david, jonas, thank you both very much. appreciate it. coming up senate majority leader mitch mcconnell forcing democrats including several 2020 presidential candidates to go on the record on the green new deal. as former president obama has a warning for freshmen house democrats about the price tag of ultraliberal policies they keep touting. president obama. that's next. ♪ this isn't just any moving day.
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charles: breaking right now the house falling short of votes to override trump's override of veto. the vote was 248-181. all democrats voted yes. 14 republicans also voted yes. successful veto overrides are rare. we know that since the house needs 2/3 of a vote. the green new deal getting first vote on capitol hill. a move designed by senate majority leader mitch mcconnell to put the democrats on record. this as former president obama warning freshmen house democrats while it is great they pursue these bold ideas, the price tag in fact may be too high. joining me to discuss national taxpayer union mattie duppler. first, how surprised are you that president obama has weighed in on this? >> it is surprising to hear president obama say at the price tag it is of great concern to democrats, given some of the policies that he proposed as president. it is interesting as well.
to me i'm always astounded democratic voters do not hold democratic politicians to account on votes like this. if you recall, senate republicans used this tactic in the past with president obama's budget. put those on the floor repeatedly. repeatedly would get zero support of votes of senate democrats not willing to walk the plank on progressive policies and the price tag they included. charles: why do you think the democrats are so frustrated about it? this is their idea. presidential candidates say we have 12 years before it is too late the world will essentially end. this is a sense ever urgency about this. >> right. charles: senator mcconnell, obliges them, it is your idea. it's a great idea. it will save the world, why not just put it out there? >> because there is no space in the modern democratic party to have a moderate view on anything, much less on the climate. you can't be a democrat today, be concerned about conserving our environment while not adopting completely radical policies that would bankrupt the
nation in order to pursue fixes that don't actually do that much in order to fix the problems that they say are so urgent. green new deal proposes t wants to completely eliminate manufacturing as we know it today. doesn't make manufacturing disappear t pushes overoverseas to some of the biggest polluters, it would increase greenhouse gases, would exacerbate with current issue of the environment. would do nothing to help climate apologists. it would just increase energy costs for average american family, getting rid of manufacturing the industry where most americans work. charles: we almost every day get something new from someone running out on the democratic side. kamala harris came out with proposal for giving teachers pay raises. we all think this is a good idea. this also means if a democrat gets into the white house
certainly our taxes will go you there roof. >> they certainly will. this is not just about taxing the rich. a lot of ideas that democrats are talking about, whether universal health care, expanding pre-k education, giving teachers a pay race, all are ideas that the democrats say, listen, they have been tried by scandinavian countries, they do it quite well. when scandinavian, european countries they have massive middle class tax hikes to fund the initiatives. they are not taxes on well think. they are vat taxes. increases payroll tax like what we have here. it would require the middle class to shoulder burden of all expensive policies. that is what democrats are not telling the american people about their plans. charles: mattie, thank you very much. >> thanks, charles. >> democrats are not letting go of the socialist policies and not letting go of the robert mueller findings. coming up next, the new deadline they are demanding to see the full mueller report. next.
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charles: mueller investigation may be complete but controversy is not over of the house committee chairs demanding to see the full report by next tuesday, claiming that attorney general william barr's summary is not sufficient for congress. president trump tweeting that the mainstream media sunday fire and being scorned all over the world as corrupt and fake. for two years they pushed a russian collusion delusion. they knew there was no collusion. they are truly the enemy of the people and real opposition party. joining me with latest from capitol hill, our own edward lawrence. edward? reporter: the president's re-election campaign sent letters to media outlooks to push law make that's made faust
claims about the president working with the russians. in fact the letter calls out specifically representative jerry nadler from the house judiciary committee chairman, senator richard blumenthal who is on the senate judiciary committee. president donald trump just left the u.s. capitol. he met with republicans for lunch. that meeting was about the usmca to get it ratified. the president saying on the mueller report, the conspiracy with that goes all the way back to the lasted a administration. listen. reporter: it went very high up. it started fairly low but with instructions from the high up. this should never happen to a president again. we can't allow that to take place. reporter: senator lindsey graham wants to investigate if there was abuses of the fisa warrant process to get wiretaps, eventually start the mueller probe. democrats warning him be careful what you ask for. >> 37 indictments coming out of this investigation.
i think that he should proceed with caution if he really wants to examine this entire investigation again, and put his, his president, that he defends, through thick or thin, back in the spotlight. reporter: final mueller report is with attorney general william barr. up to his discretion what is public and what isn't public. he is scheduled to testify before capitol hill on the appropriations subcommittee on april ninth. no doubt he gets questioned about the mueller report. democrats would like to see the report one week from today. we'll see what happens. back to you, charles. charles: edward lawrence, want to thank you very much. want to bring in host of rick unger show, editor daily centrist.com, rick unger and "daily caller" chris bedford. let me start with you. do you think the democrats are overplaying, i don't know if i can call it overplaying anymore
or maybe take the l and keep moving? >> one of the networks that made the point of their coverage over the next two years just released a poll showed 0% of voters, this was the most important issue for them in 2020. so yeah, democrats are real risk of overreaching. there was a brief moment of introspection after hillary clinton was defeated, they were very surprised. maybe we have gotten away from issues that made us a party of working class, party of middle america, somebody that could speak to all people? maybe we got away from that. then we spent last two years on politics of division, intersection shunnallism. more of this russia stuff. if you're looking for a job, your community is struggling with drug addiction or worried about trade or your kids in the military, last thing on your mind is the russia investigation. charles: rick, you and i did a little tweeting you actually agreed early on there was no obstruction either. is that where you stand? is it enough for you that the
democratic party should be focused on this right now? >> i have to admit concern. i agree with everything chris just said. that is what i've been saying that can't be good, chris, when you and i agree but he is right. it is all turning into white noise at this point. the democrats, the republicans, everybody staked out their post report ground. nobody knows anything. have you seen the report? i haven't. i don't think i'm going to get to. i think saying they have to have it by tuesday is silly. they should get it. charles: but you don't expect anything to change no matter what ultimately revealed? >> this is another criticism of my democrats right now this, criticism that attorney general barr did something that congress was supposed to do, no, no. if the special counsel decided he wasn't going to make a decision about prosecution, if the attorney general wanted to prosecute or didn't want to prosecute, there is certainly no harm, no foul because he reached the same place that the special counsel did. meantime, congress is absolutely
free to do what they want. charles: right. >> if they think there should be with prosecution, what do they do with it? refer it to the justice department. >> do you think any of these folks overplayed their hand? blumenthal, schiff, nadler, tom perez, john brennan, who apparently yesterday was grappling for his sources on why he was so incorrect on all of this, have, have any of them, in your mind particularly nadler, who sent out requests, 81 people, now threatening subpoenas, are they, doing the right thing? >> you know, i think you have to separate some of those. i would actually agree with you, in the list you just named, there were people who i think overplayed their hand. you know what my response is, you asked me the questions. what do i say every time for two years, let's wait for the report to come out. that way you don't get in trouble, if it comes out and not what you think. charles: all right. >> there are people on the other side of the coin you have to
include. jim jordan, people who got carried away on the other side, all of them overplayed their hand. charles: rick, chris, we have leave it there. we'll bring you back later on. we have major breaking news today. chicago mayor, in fact, rahm emanuel slamming a decision by his police department to drop charges, actually not the police department, it is the attorney there, to drop charges, prosecutor against "empire" star jussie smollet. he is calling it a whitewash of justice this is the mayor. we have emerging details. we'll call them not so lucky lawyer, celebrity lawyer, michael avenatti, facing 100 years in jail for series of charges, including allegedly extorting $20 million from nike. we'll break it down. his legal troubles, suggesting that president trump it to blame for some of it. ♪
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♪ ♪ charles: welcome back. stocks, let's say they're solid right now. they're higher, though of course off the highs of the day, thanks to big gains in energy and technology. apple had been rebounding. this a day after the big event unveiling a host of new services. initially elicited a yawn from investors. it turned negative after report as trade judge has recommended qualcomm as request for an import ban on some iphones, be granted. then there are shares of bed, bath & beyond soaring after "wall street journal" reports that the troubled retailer is being targeted by three activist investors. uber is acquiring dubai-based competitor, kareem. gives it access to 30 million
registered users in 120 cities across the northeast and africa. this will surely sweeten highly anticipated ipo this year. it is largest ever technology purchase in the region. it involves convertible notes as well as cash. today a stunning reversal in the case of "empire" actor jussie smollett. the cook county state attorney's office dropping all charges against smollett in the alleged hate crime hoax. chicago's mayor rahm emanuel blasted the prosecutor's decision. >> this is a whitewash of justice. a grand jury could not have been clearer, you cannot have of a person's decision, one set of rules apply to them and another set of rules apply to everybody else. charles: joining me attorney emily campaign yo. you have to be as shocked as anyone else when the news came across the tape? >> shocked. i think what was especially surprising to me, frankly that news presser right after, where
both the superintendent of the chicago police department and the mayor blasting this so clearly. usually if there is some type of defect in the prosecutorial system, some type of evidentiary or procedural mistake or overlook that they think would detriment or weaken the case in course there is behind the scenes conference between the law enforcement and the prosecutorial decision. so fact they were blindsided too, feel this strongly, said that all publicly is most surprising to me and should be all of you as well. charles: essentially from what i understand, the 10,000-dollar bond he paid, he doesn't get it back as some form of restitution, coupled with community service of sorts. his record is completely expunged. technically he has never even been arrested. is that what the deal is? >> yes. and, this is so surprising to me. i have literally seen larger fines and larger restitutions for lower tax liabilities than the likely millions of dollars and resources deployed by
chicago in this investigation. nothing about this makes sense to me, to be honest. i do want to point out for viewers, reminder, the federal investigation is still ongoing with his alleged hoax letter. he is facing a whole host of trouble there. three charges, potential charges, mailing injurious articles with aspirin could constitute, mailing threatening communications, a straight up hoax. that is up to 45 years in prison. i don't want to discount the procedure in general but on the state level it is an absolute surprise. at this point it is dead in the water. charles: a lot of people are pointing to the federal government hoping they will intervene here. i got to ask you a day after his arrest trying to extort millions of dollars from nike. neil: michael avenatti is fighting back on twitter. saying we never attempted to extort nike. when the evidence is disclosed the public will learn the truth about nike's crime and coverup. they are trying to divert attention at their own crimes.
nike's attempt at diversion and coverup will fail miserably, once prosecutors realize they have been played by nike. this reaches the highest levels of nike. prosecutors say avenatti approached nike. he threat owned to expose rules violations unless the company paid him $25 million. emily, this is mind-boggling here what do you know of this, what do you make of it? >> right, i feel like both of these stories are the truth is stranger than fiction thing. this guy doesn't know when to stop, avenatti. the final nail in the charging document was his tweet. look at him go on a tweet storm. he is digging himself, his own hole. for viewers, there are two separate complaints. there are four charges in the southern district of new york and there are two in the central district of california. with nike, he, two things. try, a, to get them to pay one of his coaches there, former client, his client. they had sponsored his basketball team for 72 grand a
year. he wanted them to pay him $1.5 million. charles: right. >> to pay him up to 25 generously he said. don't worry i'm not asking for a million, to investigate nike and to pay him twice as much if they hired someone else. now the second charge is central district of california are actually much more serious. it is bank and wire fraud. he is facing 50 years alone there. that is for improperly withholding client funds, lying about a settlement. then using fake tax returns to obtain loans for his personal and private business. i know that is a lot to absorb, but top to bottom as the special agent in charge, this attorney is only representing his only self-interest. video and audio recordings on the nike case, they are extremely detailed and quite prolific, it shows frankly very angry and kind of out of control side of avenatti is likely not surprising to us. charles: he is facing a lot of
time, and no internet access on top of it. emily, thank you very. appreciate it. >> have a great day. charles: we're off to session highs. here is the thing, trying to find its footing after ugly tumble on friday a sign of strong investor demand. ride-hailing service is expected to raise its price way above the target range. i'm talking way above it. the question is, will it be worth all the hype? ♪ we'll be right back.
charles: on friday lyft reportedly priced its shares, i'm talking way above that target range. you remember you heard 62 to 6bucks? it will be a lot more. we have scott martin. scott, i'm hearing it could be as much as$0. if that is the case, this thing is oversubscribed, the first trade will be maybe well over 100 bucks. it is going to be exciting but should our viewers be chasing it? >> yeah. i'll tell you, charles. it is buyer beware. you're right. i agree with you, with the subscription, you're looking trades over 100 bucks for sure. headlines tell you the stock is up 25% plus, right? reality off the pricing mechanism nobody really gets
when it first trades openly, unless you have the prior ipo shares. be careful with these. this is cautionary tale. charles, if you look at a lot of ipos this year for a lot of companies, the journal had article, how much profit or loss these companies are having. these companies are seeing net profits like federal charges for jussie smollett for example. that is something you have to be careful of when you buy into these things. maybe you drop in the ipo. charles: i salute you, my friend for squeezing that in. you're always topical. >> i'm not a fan. charles: there are some, there are some of these ipos things may claim the amazon effect. that we don't have to make money as long as we're conquering the world. uber is making massive inzs. lyft is making investments. they say we have to spend money to make money. if it goes to 130, 140, i don't
want people to tell me, charles, i didn't make money because of but i feel the stock will be pulling back. >> i agree with some much those comments. i don't mind companies losing money if they're making more. but some of these lined up for ipos are losing more money than making money. that is problem. you mentioned amazon. look what with facebook. dropped after the ipo, especially some of the eye poe lockup shares rolled off. another one recently, snap. my goodness, that was oversubscribed. heralded, dropped, found a bottom. bounced nicely. it is good to take a step back even if you first missed first 10, 20 bucks. in next couple months they have to report earnings and regulations see how things shake out. look how profitability looks down the road. charles: we should went the audience know. that is when hot marijuana stocks stalled when they had actually had to start filing earnings.
we have a few minutes. i know you like gold. looks like it is wavering a little bit and boeing and apple. i would like your thoughts on. >> gold is great thing to hold last couple weeks we've been talking about. it is a great diversifier for stocks and bonds that is why weigh own it. not appetizing for boeing just yet. we're getting levels, 360, maybe it is worth another look. apple i was really impressed with presentation. best thing i like about the apple news besides gaming because i'm a gamer, but credit card, i don't think it affects visa or mastercard. that is nice concept they should run with and a nice piece of their business. charles: scott martin, thank you very much. >> see you, man. charles: the white house trying to get rid of obamacare once and for all. can it be done, should it be done without a solid replacement plan? we'll be right back. ♪
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most pills only block one. flonase. charles: partisan politics alive and well in washington, d.c. today as the white house takes another shot at obamacare. asking the federal courts to toss out the affordable care act in its entirety. back with us, rick and chris. they are saying a lower court has said now this is not the same case that went before the supreme court and therefore, it's unconstitutional. >> that is exactly what the lower court said. it's now at the fifth circuit in new orleans. they are probably going to say the same thing and the reason markets, health care, insurance companies, the reason they are all freaking out is because you look at the supreme court, the swing vote now being justice roberts. well, justice roberts pinned his entire explanation for the constitutionality of obamacare on the tax aspect of the individual mandate. that's gone now. congress got rid of it.
president signed it away. so there's a very good chance that this case holds up. what's going to happen to the american health care system then? charles: chris, what will happen? by the way, i should let the audience know, president trump did tweet today that the republican party will be quote, the party of health care. >> oh, please. please. >> they're going to have to work with democrats as well now because they don't have control over both houses and even when they did have control over the house and the senate, they were unable to pass a replacement bill. i have seen some leaks from inside, administration officials, anonymous, of course, saying this is a disaster for the administration. how could they repeal obamacare? they ran on it. a lot of the republicans ran on it. this is unusual for the department of justice not to defend a government law here, but they are -- charles: is it a disaster because they will repeal all of it, including the parts people take for granted, the conditions -- >> pre-existing conditions.
charles: you don't think it's a disaster. do they have to be able to articulate a plan b that the american public can be comfortable with as this may be potentially -- >> yes. it would be amazing to see the republican party be the dog who catches the car for maybe the fourth or fifth time on obamacare. if they don't have a plan here, they are just going to run into the back of that bumper. i know they have them because we have had, as a newsroom, congressman after congressman come in and present their plan for replacement but when it actually comes down to it, those plans never seem to materialize. they better hope the think tanks and thinkers on the hill are putting something together right now because there's a good chance obamacare goes down. charles: the market is reacting like something is going to be, to your point, melina health care down ten bucks today. getting absolutely hammered. wall street thinks something could actually happen, obamacare could actually be out. >> this is not a drill. this is a real problem. i have to tell you, i could not be more shocked. let's keep in mind that the
administration position before yesterday was do away with the pre-existing coverage segment but keep the rest. they changed that in a two-sentence letter. politically, really bad move. here they are dancing on clouds from the past couple of days and then they turn around and do this. i have been following politics a long time. for the life of me, i cannot understand why they would choose to do this. charles: less than a minute to go. i will ask you first, chris, about the wall. $1 billion for the wall, it's starting to get built. how you feeling about this? >> this is part a plan, we haven't yet hit the emergency funding. this is part of the money the president thinks he has the authority to repurpose. they've got to use it before september 30th or they lose congressional approval to use this money. they think they've got about 50 miles ready to build. if they get moving, they still haven't reached the crisis point. >> you know, it's very hard for me to comment on it because to me, the wall remains a symbol,
not a strategy. as long as that's the case, it's a problem. charles: all right, folks. thank you both very much. the market hanging in there, up 87 points, off the highs and off the lows, liz claman, as i hand it over to you for another raucous last hour of trading. liz: thank you, charles. breaking news, in just moments president trump expected to start a meeting with house republican congressmen at the white house. topic number one, trade. most likely focusing on the u.s. mexico canada trade agreement or nafta 2.0 that was signed last november but has yet to be passed by congress. many representatives are also worried that the president will slap tariffs on european cars, cars that are made sometimes with the help of u.s. states and companies within them. some are threatening to withhold support for the usmca if he does slap those tariffs on